Today, the United States House of Representatives voted on the Federal Reserve Transparency Act of 2014 (H.R. 24), which passed by a vote of 333 to 92. The legislation requires the Government Accountability Office (GAO) to complete an audit of the Federal Reserve System and the Federal Reserve Banks within 12 months of the bill’s enactment.  It also requires the GAO to submit a detailed report to Congress of its findings and conclusions within 90 days of the audit’s completion. Representative Randy Weber (R-Friendswood), a cosponsor, made the following statement:

“The value of the U.S. dollar has greatly diminished as the Federal Reserve continues to buy billions of dollars of government and mortgage debt. This legislation will help inform how Congress can rein in the Federal Reserve’s powers after the extraordinary bailouts and debt buying started in 2008. It’s time we shed light on the Federal Reserve and their easy money policies.”

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